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• A16z plans to use Crypto Fund IV to invest in promising web3 startups
• Total fund amount reaches more than $7.6 billion
Venture capital giant Andreessen Horowitz on Wednesday said it has raised $4.5 billion for backing companies that are developing the next version of the internet — Web3.
The latest capital infusion brings the firm’s fourth cryptocurrency fund’s total amount to more than $7.6 billion.
A16z, by which Andreessen Horowitz is known, said $1.3 billion from the fund would be used to invest in seed rounds of startups and $3 billion for venture investments.
“We’re going to use these funds to invest in promising web3 startups at every stage,” the company said in a blog post.
Raising capital for crypto fund
The VC firm in January said it is looking to raise $4.5 billion for a new set of funds to invest in blockchain technology.
The funding comes on the heels of a sharp fall in the value of cryptocurrencies in recent weeks, with Bitcoin, the largest digital currency in terms of market capitalization losing over a third of its value in just two months.
Andreessen Horowitz unveiled a $2.2 billion fund for its Crypto Fund III in June last year.
The firm raised around $9 billion across three new funds to invest in startups across different sectors earlier this year.
Picture Credit: How to Geek
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